Penn Engineering Announces Sales and Earnings for Q3 1998
28 October 1998
Penn Engineering Announces Nine Percent Dividend Increase, Declares Quarterly Cash Dividend, and Announces Sales and Earnings for Third Quarter 1998
DANBORO, Pa.--Oct. 28, 1998--The Board of Directors of Penn Engineering & Manufacturing Corp. Wednesday announced a nine percent increase in the quarterly cash dividend from 11 cents per share to 12 cents per share.This dividend increase is effective on both classes of common stock, and is payable December 15, 1998 to stockholders of record, December 1, 1998.
The company also announced net income of $3,881,295, or $0.45 per share, on quarterly net sales of $43,356,965 for the third quarter ended September 30, 1998. For the comparable 1997 quarterly period, net income was $3,827,972 or $0.44 per share, on net sales of $42,531,365.
For the nine months ended September 30, 1998, net income was $12,028,857or $1.39 per share on net sales of $135,076,501 as compared to net income of $10,362,795, or $1.19 per share, on net sales of $123,521,017 for the nine months ended September 30, 1997. This represents a 9% year-to-date increase in sales and a 16% year-to-date increase in net income.
For the Fastener Operation, sales and operating income for the quarter ended September 30, 1998 were $35,987,518 and $4,833,605 respectively, versus $34,432,395 and $4,709,385, respectively, for the quarter ended September 30, 1997.
For the nine months ended September 30, 1998, sales and operating income were $110,447,427 and $15,791,742 respectively, versus $100,613,804 and $13,715,455, respectively, for the nine months ended September 30, 1997.
For the Motor Operation, sales and operating income for the quarter ended September 30, 1998 were $7,369,447 and $461,757 respectively, versus $8,098,970 and $717,115, respectively, for the quarter ended September 30, 1997.
For the nine months ended September 30, 1998, sales and operating income were $ 24,629,074 and $1,770,309 respectively, versus $22,907,213 and $1,625,408, respectively, for the nine months ended September 30, 1997.
Business Summary:
Penn Engineering & Manufacturing Corp. is the leading manufacturer of self-clinching fasteners used by the computer, datacommunications, telecommunications, general electronics, automotive, and avionics industries. The Company's Pittman division manufactures high performance permanent magnet dc motors used in electronics, medical, and manufacturing applications.
PENN ENGINEERING & MANUFACTURING CORP.
Income Statement Data (Unaudited)
Amounts in Thousands, Except Per Share Data
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3 Months Ended 9 Months Ended
Sept 30, Sept. 30, Sept. 30, Sept. 30,
1998 1997 1998 1997
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Net Sales $43,357 $ 42,531 $135,077 $123,521
Cost of Goods Sold $30,066 $ 29,414 $ 93,254 $ 85,658
Gross Profit $13,291 $ 13,117 $ 41,823 $ 37,863
Sales, General,
and Admin. Expense
$ 7,996 $ 7,691 $ 24,261 $ 22,522
Operating Earnings $ 5,295 $ 5,426 $ 17,562 $ 15,341
Other Income $ 581 $ 558 $ 1,092 $ 1,028
Earnings Before
Income Taxes
$ 5,876 $ 5,984 $ 18,654 $ 16,369
Income Taxes $ 1,995 $ 2,156 $ 6,625 $ 6,006
Net Income $ 3,881 $ 3,828 $ 12,029 $ 10,363
Weighted Average
Shares Outstanding
8,628 8,685 8,635 8,705
Share Earnings
Basic $ 0.45 $ 0.44 $ 1.39 $ 1.19
Fully Diluted $ 0.45 $ 0.44 $ 1.39 $ 1.19
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PENN ENGINEERING & MANUFACTURING CORP.
Selected Balance Sheet Data (Unaudited)
Amounts in Thousands
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September 30, 1998 December 31, 1997
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Cash and Equivalents $ 11,650 $ 6,826
Short term investments, Net $ 16,083 $ 10,844
Accounts Receivable, Net $ 28,872 $ 27,444
Inventory $ 31,363 $ 26,679
Net Fixed Assets $ 73,567 $ 73,897
Total Assets $167,232 $150,992
Debt $ 0 $ 0
Current Liabilities $ 19,127 $ 13,512
Total Stockholders Equity $138,394 $128,919
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